OPEC+ Sharply Cuts Oil Production After Biden Failed To Secure A Deal Increasing Output

On Wednesday, the Organization of Petroleum Exporting Countries (OPEC), which includes Saudi Arabia and Russia, announced that it will be cutting oil production by 2 million barrels per day, the biggest cut since the pandemic began, in a move that will drive up worldwide oil prices. In a statement, the group explained, “In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in


